Interesting. I'll have to take a look at the source. I wonder if they have an ARM dynarec, or if they are writing the front-end in anticipation that one will be developed at some point.
--EDIT-- A quick scan of the files, seems there is only an x86 dynarec at the moment (see src/sh4, but then I'm not all that familiar with the project. The source structure looks a bit similar to NullDC, though)
--EDIT2-- It does look like they have ported the renderer over to GLES, which is certainly a big component. They do seem to be structuring the code for an Android build, so should be interesting to see how this one turns out.